PNC Financial Services Group Inc. Decreases Stock Holdings in Arch Capital Group Ltd. $ACGL

PNC Financial Services Group Inc. lessened its holdings in Arch Capital Group Ltd. (NASDAQ:ACGL) by 14.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 63,619 shares of the insurance provider’s stock after selling 11,007 shares during the period. PNC Financial Services Group Inc.’s holdings in Arch Capital Group were worth $5,772,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in ACGL. Cornerstone Planning Group LLC increased its holdings in Arch Capital Group by 426.0% in the 3rd quarter. Cornerstone Planning Group LLC now owns 384 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 311 shares in the last quarter. Quent Capital LLC acquired a new stake in shares of Arch Capital Group in the third quarter valued at about $37,000. Richardson Financial Services Inc. raised its holdings in shares of Arch Capital Group by 63.3% during the 3rd quarter. Richardson Financial Services Inc. now owns 418 shares of the insurance provider’s stock valued at $38,000 after buying an additional 162 shares during the period. Caitong International Asset Management Co. Ltd lifted its position in Arch Capital Group by 3,450.0% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 426 shares of the insurance provider’s stock worth $39,000 after acquiring an additional 414 shares in the last quarter. Finally, TD Waterhouse Canada Inc. lifted its position in Arch Capital Group by 31.4% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 469 shares of the insurance provider’s stock worth $43,000 after acquiring an additional 112 shares in the last quarter. Institutional investors and hedge funds own 89.07% of the company’s stock.

Arch Capital Group Stock Up 0.3%

ACGL stock opened at $98.34 on Friday. The firm has a market cap of $35.66 billion, a price-to-earnings ratio of 8.46, a PEG ratio of 3.92 and a beta of 0.42. Arch Capital Group Ltd. has a 1-year low of $82.44 and a 1-year high of $103.39. The firm has a fifty day moving average price of $95.64 and a two-hundred day moving average price of $92.21. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.53 and a quick ratio of 0.55.

Arch Capital Group (NASDAQ:ACGL) last posted its quarterly earnings results on Monday, February 9th. The insurance provider reported $2.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.34 by $0.64. Arch Capital Group had a net margin of 22.07% and a return on equity of 16.73%. The company had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.94 billion. During the same period last year, the firm posted $2.26 EPS. Research analysts predict that Arch Capital Group Ltd. will post 8.42 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently issued reports on ACGL shares. UBS Group reiterated a “buy” rating and set a $114.00 price objective (up previously from $113.00) on shares of Arch Capital Group in a research note on Tuesday. Roth Mkm set a $110.00 price target on shares of Arch Capital Group and gave the company a “buy” rating in a report on Tuesday, December 2nd. JPMorgan Chase & Co. lifted their price target on shares of Arch Capital Group from $111.00 to $117.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 7th. Cantor Fitzgerald reissued a “neutral” rating and issued a $100.00 price objective (up from $97.00) on shares of Arch Capital Group in a research report on Tuesday. Finally, Mizuho raised their target price on Arch Capital Group from $95.00 to $102.00 and gave the company a “neutral” rating in a research note on Thursday, February 12th. Nine analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $109.20.

Insiders Place Their Bets

In other Arch Capital Group news, insider Maamoun Rajeh sold 47,430 shares of Arch Capital Group stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $96.12, for a total value of $4,558,971.60. Following the completion of the transaction, the insider directly owned 433,589 shares in the company, valued at $41,676,574.68. The trade was a 9.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Francois Morin sold 8,000 shares of the company’s stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $94.62, for a total value of $756,960.00. Following the transaction, the chief financial officer directly owned 266,681 shares of the company’s stock, valued at $25,233,356.22. This trade represents a 2.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 268,096 shares of company stock valued at $25,287,645 over the last quarter. Insiders own 4.20% of the company’s stock.

About Arch Capital Group

Arch Capital Group Ltd. (NASDAQ: ACGL) is a Bermuda-based insurance and reinsurance holding company that underwrites a broad range of property and casualty, mortgage, and specialty risk products. The company operates through a group of underwriting subsidiaries and platforms to provide insurance, reinsurance and related risk solutions tailored to commercial, institutional and individual clients.

Arch’s product mix includes treaty and facultative reinsurance, primary casualty and property insurance, mortgage insurance and other specialty lines.